Rand Logistics to reflag, convert Danish tanker

MARCH 14, 2014 — Great Lakes dry bulk vessel operator Rand Logistics, Inc. (NASDAQ: RLOG) has acquired a Danish flagged chemical tanker that will be converted to a Canadian flagged river class self-unloader vessel.

"We have secured substantial long-term, contractual new business beginning in April 2015 for our Canadian flagged operations," commented Scott Bravener President of Lower Lakes Towing. "The new tonnage that we have secured is in addition to the more than 250 sailing days of new business that we have been awarded for the 2014 sailing season and have previously announced. We are in the final stages of negotiating the shipyard contract to convert the vessel into a Canadian self-unloader and currently plan to introduce this new vessel into service during the second half of calendar 2015. When introduced into service, the new vessel will have the largest carrying capacity of any existing Canadian river class self-unloader and will be the most efficient river class vessel on the Great Lakes."

On conversion, this vessel will be the first new Canadian flagged river class self-unloader introduced into service on the Great Lakes in over 40 years. Once introduced into service, this vessel will increase the size of Rand's fleet to 17, including 10 Canadian flagged and 7 U.S. flagged vessels.